PM's tax planning is 'natural response' to heavy UK regulation, IHT expert says

Media coverage dismissed as a 'storm in a teacup'

Nicola Brittain
clock • 2 min read

The prime minister's tax planning has received a lot of press coverage in the past week but according to Paul Wilcox, chairman of Way Investment Services, his actions were a natural response to heavy UK regulation and his family's IHT arrangements a ‘typical' mitigation solution.

Wilcox explained that investment in offshore funds, such as Blairmore Holdings, are a "natural response" to heavy UK regulation rather than an attempt to avoid tax. Cameron's father helped set up the fund, which was based in Panama before it moved to Ireland in 2010, in 1982. Cameron and his wife Samantha had an investment in the fund in until they sold their stake for £30,000 in 2010. British investors in the funds were and are liable to pay income tax on the dividends received, and capital gains tax on profits when shares are sold. Wilcox said: "Offshore funds like Blairmore H...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Estate planning

Octopus Investments unveils IHT and estate planning helpdesk

Octopus Investments unveils IHT and estate planning helpdesk

Aims to provide clarity on tax rules and the legalities of estate planning

Isabel Baxter
clock 16 September 2024 • 2 min read
Lasting power of attorney: Who guards the guardians?

Lasting power of attorney: Who guards the guardians?

'LPAs can be a real asset if used properly'

Adam Matthews
clock 23 August 2024 • 3 min read
Lessons from Succession: Unlocking generational wealth

Lessons from Succession: Unlocking generational wealth

What advisers can learn from the Roy family...

Simon Rogerson
clock 14 August 2024 • 4 min read